UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF JULY 2023

Commission File Number: 333-04906

 

 

SK Telecom Co., Ltd.

(Translation of registrant’s name into English)

 

 

65, Euljiro, Jung-gu

Seoul 04539, Korea

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

 

 

 

Decision to Enter into Share Repurchase Agreement

On July 26, 2023, the board of directors (the “Board of Directors”) of SK Telecom Co., Ltd. (the “Company”) approved the Company’s entry into a share repurchase agreement (the “Agreement”) with SK Securities Co., Ltd. (“SK Securities”) pursuant to which the Company will engage SK Securities to effect repurchases of common shares of the Company.

 

1. Amount of Agreement (Won)    300,000,000,000
     
2. Agreement Period    From    July 27, 2023
       
          To    January 26, 2024
   
3. Purpose of Agreement    Enhancement of shareholder value through cancellation of certain shares
   
4. Counterparty to Agreement    SK Securities
   
5. Expected Date of Execution of Agreement    July 27, 2023
           
6. Treasury Shares Held Prior to Agreement    Acquisition within Limit Based on Maximum Amount of Dividends Payable    Common shares    360,004    Ratio (%)    0.16
   Preferred shares    —    Ratio (%)    —
   Other Acquisition    Common shares    —    Ratio (%)    —
   Preferred shares    —    Ratio (%)    —
   
7. Date of Resolution by the Board of Directors    July 26, 2023
     

•  Attendance of Independent Non-executive Directors

    Present    5
   Absent    —
   

•  Attendance of Audit Committee Members who are not Independent Non-executive Directors

    —
   
8. Investment Brokerage Agent    SK Securities
   
9. Other Important Matters Relating to an Investment Decision   

•  The amount of Agreement set forth in Item 1 above is the anticipated amount as of the date of resolution by the Board of Directors.

 

•  The reference to cancellation of certain shares set forth in Item 3 above relates to cancelling approximately Won 200 billion of the treasury shares to be acquired through the Agreement following the termination of the Agreement. For additional details, refer to the Form 6-K entitled “Decision on Cancellation of Treasury Shares” furnished by the Company on July 27, 2023.

[Maximum Share Repurchase Amount]

 

Item    Amount (Won)
     
1. Maximum Amount of Dividends Payable as of December 31, 2022 under the Korean Commercial Code(1)   

A. Net assets

 

    10,383,381,596,517
  

B. Amount of capital

 

    30,492,715,900
  

C. Sum of capital reserve and earned surplus reserve accumulated as of December 31, 2022(2)

 

    2,351,825,609,336
  

D. Unrealized profits determined by Presidential Decree under the Korean Commercial Code

 

    253,711,585,961
  

Subtotal (A–B–C–D)

    7,747,351,685,320
   
2. Amount of share repurchase after December 31, 2022    —
   
3. Amount of dividends approved by general meeting of shareholders after December 31, 2022 and related earned surplus reserves    180,966,603,990
   
4. Amount of quarterly and interim dividends approved by the Board of Directors after December 31, 2022 and related earned surplus reserves    181,326,897,030
   
5. Amount subject to a trust agreement    —
   
6. Acquisition price of treasury shares disposed after December 31, 2022 (applying moving average method)    20,207,956,319
   
Maximum amount of acquisition of treasury shares (1–2–3–4–5+6)    7,405,266,140,619

 

(1) 

On a separate basis

(2) 

Includes hybrid securities and gains from disposal of treasury shares

[Treasury Shares Held Prior to Execution of Agreement]

(Unit: shares)

 

Method of acquisition    Type of shares    Beginning      Change      End      Notes  
   Acquired
(+)		      Disposed
(–)		     

Cancelled

(–)

  
Acquisition within limit based on maximum amount of dividends payable    Direct
acquisition		    Direct
acquisition
through stock
exchange		    Common shares      —        —        —        —        —        —  
   Preferred shares      —        —        —        —        —        —  
   Over-the-counter
acquisition 		   Common shares      —        —        —        —        —        —  
   Preferred shares      —        —        —        —        —        —  
   Tender offer    Common shares      —        —        —        —        —        —  
   Preferred shares      —        —        —        —        —        —  
   Subtotal (a)    Common shares      —        —        —        —        —        —  
   Preferred shares      —        —        —        —        —        —  
   Acquisition
through
broker		    Held in trust by
broker		    Common shares      —        —        —        —        —        —  
   Preferred shares      —        —        —        —        —        —  
   Held by
Company		    Common shares      747,059        —        387,055        —        360,004        —  
   Preferred shares      —        —        —        —        —        —  
   Subtotal (b)    Common shares      747,059        —        387,055        —        360,004        —  
   Preferred shares      —        —        —        —        —        —  
Other acquisition (c)              Common shares      54,032        —        54,032        —        —        —  
     Preferred shares      —        —        —        —        —        —  
Total (a+b+c)              Common shares      801,091        —        441,087        —        360,004        —  
     Preferred shares      —        —        —        —        —        —  

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

SK TELECOM CO., LTD.
(Registrant)

By: /s/ Hee Jun Chung

(Signature)
Name: Hee Jun Chung
Title:   Vice President

Date: July 27, 2023

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